Over the last 24-36 hours, the Azuki project has witnessed a considerable amount of ups and downs, with the value of the project tanking, and then recovering almost immediately.
Azuki founder admits to abandoning past projects
In a bid to tell their story and possibly motivate the next generation of creators, Azuki’s founder, known publicly as Zagabond, inadvertently made people lose interest and respect for the Azuki NFT project by revealing that they were part of three previous projects abandoned by the founding team.
The identity of Azuki’s founder isn’t publicly known, but the reclusive figure is active on Twitter with the handle @zagabond. Vagabond recently shared the following on Twitter, “•Bull or bear, Azuki is building towards the future of web3. We’re in it for the long term.
•Builders need to experiment with web3 to challenge web2.
•Azuki is built on learnings from creating Phunks & other projects. This taught me to lead, not follow.”
The founder shared the story of their NFT history in the blog post that accompanied the Twitter thread revealing their involvement in failed projects such as Cryptozunks, Tendies, and CryptoPhunks – projects abandoned by their respective teams.
It’s safe to say that the posts were met with backlash by the NFT community, with many believing that the news was on its way to being made public by a third party, so Zagabond and the team chose to get ahead of it by sharing it first.
After the announcement, the value of Azuki on OpenSea dropped from 19 ETH or $44,033.26 to 10.9 ETH or $25,216.19 at its lowest point. The rest of the piece will look into how Azuki’s floor price has rebounded almost immediately and what the development might mean for the broader NFT ecosystem.
Azuki Fortunes Reverse
After allegations of Azuki being a rug pull, the floor price crashed by around 50% in 24 hours, but Azuki sales rose by more than 800% in an unexpected development. By the end of the day, more than $50 million worth of NFTs had changed hands in the market.
At the time of creating this piece, more than $710 million in total sales had been processed since Azuki’s launch in February of this year. Based on the historical data, CryptoSlam now considers the Azuki project to be the eighth-largest NFT collection behind other great and truly humongous NFT projects.
What does the future hold for the Azuki collection?
There’s a lot to unpack with the recent developments from Azuki, with many on Twitter claiming the last 36 hours of Azuki’s existence were scripted from the bombshell Twitter post to the extraordinary rally to grow daily trading volume by 800% over 24 hours.
Whether or not the crash and rise of the project were scripted, there’s no denying that the news has done irreparable damage to the project’s brand. It’s worth noting that as of 16:10 UTC +0 on May 11, the floor price of the collection on OpenSea is 9 ETH.